Wipro completes Rs 9,500-crore buyback programme

File image of a Wipro office

IT services major Wipro on January 16 said it has completed its Rs 9,500-crore share buyback programme. The buyback saw Azim Premji-affiliated entities tendering 22.89 crore shares worth about Rs 9,156 crore during the process, a regulatory filing said.

"(A total of) 23.75 crore equity shares were bought back under the buyback at a price of Rs 400 per equity share...The total amount utilized in the buyback is Rs 9,500 crore," it added.

The tendering period for the buyback programme opened on December 29, 2020 and closed on January 11, 2021.

While Azim Premji Trust tendered 19.87 crore shares, Mr Azim Hasham Premji Partner Representing Hasham Traders tendered 1 crore shares and Azim Premji Philanthropic Initiatives tendered 51.82 lakh shares, the filing said.

Mr Azim Hasham Premji Partner Representing Zash Traders and Mr Azim Hasham Premji Partner Representing Prazim Traders tendered 75 lakh shares each, it added.

Post completion of buyback, the promoters hold 73.04 percent stake in the company, while the remaining 26.96 percent stake is held by foreign investors, financial institutions and others.

Earlier this month, Wipro's larger rival Tata Consultancy Services (TCS) also completed its Rs 16,000-crore buyback offer, under which over 5.33 crore equity shares were bought back at a price of Rs 3,000 apiece.